Sensex rallies smartly; Moody's outlook, global cues support

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Sensex rallies smartly; Moody's outlook, global cues support
Markets staged a smart rally, buoyed by solution to the Greece debt woes and a stable outlook accorded by rating agency Moody's to the country. A solution to the impasse over FDI in retail in parliament also helped improve sentiments.

The Sensex ended the day higher by 305 points, while the Nifty gained 91 points. Amongst the top Nifty gainers in trade were Jaiprakash Associates, BPCL, Bharti Airtel, DLF, Reliance Infra and Sesa Goa.

Shares of Hindustan Copper, which were down more than 40% in two trading sessions, fell further by 7% in trade today. Stocks that lost ground from amongst the Nifty were Power Grid Corporation, NTPC and ONGC.

Banking and financials rallied smarty in trade today with HDFC, HDFC Bank, ICICI Bank, Union Bank of India and State Bank gaining.

Metal stocks too saw frantic buying with Sesa Goa, Sterlite, Jindal saw and Jindal Steel gaining ground.

Software stocks like Infosys, Wipro and HCL Technologies were also amongst the gainers. Shares of Federal Bank, however, dropped after L&T Finance sold stake in the company.

Meanwhile, markets in Europe were trading higher, following an agreement over Greece's debt. The UK's FTSE, the German DAX and the French CAC were all up between 0.5% to 1%.

Markets are expected to be volatile ahead of expiry on Thursday. The BSE and the NSE would be closed for trading on Wednesday on account of Guru Nanak Jayanti.

Read more about: sensex, nifty
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